Waste Connections (WCN) officer buys stock through 2020 employee share plan

Rhea-AI Filing Summary

Waste Connections, Inc. reported that officer Matthew Black, Sr VP Chief Tax Officer, acquired additional company stock through an employee share purchase program. On December 31, 2025, he acquired 13 common shares of Waste Connections at a price of $166.59 per share. These shares were purchased under the company’s 2020 Employee Share Purchase Plan for the offering period from July 1, 2025 to December 31, 2025, which allows purchases at 95% of the closing price on the New York Stock Exchange on the purchase date. Following this transaction, Matthew Black beneficially owns 38,257 common shares, held directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Black Matthew Stephen

Role Sr VP Chief Tax Officer

Type	Security	Shares	Price	Value
Other	Common Shares	13	$166.59	$2K

Holdings After Transaction: Common Shares — 38,257 shares (Direct)

Footnotes (1)

1. F1. These shares were acquired under the Waste Connections, Inc. 2020 Employee Share Purchase Plan ("ESPP"), for the offering period of July 1, 2025 to December 31, 2025. In accordance with the ESPP, these shares were acquired at a price equal to 95% of the closing price of the shares on the New York Stock Exchange on December 31, 2025.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 01/05/2026 - 04:16 PM Learn about SEC filing dates

FAQ

What insider transaction did Waste Connections (WCN) report for Matthew Black?

Waste Connections reported that Matthew Black, Sr VP Chief Tax Officer, acquired 13 common shares of the company on December 31, 2025 through an employee share purchase program.

At what price were the Waste Connections (WCN) shares acquired in this Form 4?

The 13 common shares were acquired at a price of $166.59 per share, determined under the company’s 2020 Employee Share Purchase Plan.

What is Matthew Black’s total share ownership in Waste Connections (WCN) after this transaction?

After the reported transaction, Matthew Black beneficially owns 38,257 common shares of Waste Connections, held in direct ownership.

How does the Waste Connections 2020 Employee Share Purchase Plan set the purchase price?

Under the 2020 Employee Share Purchase Plan, shares for this offering period were acquired at 95% of the closing price of Waste Connections shares on the New York Stock Exchange on December 31, 2025.

What period did the Waste Connections (WCN) ESPP offering cover for this purchase?

The employee share purchase covered in this filing relates to the offering period from July 1, 2025 to December 31, 2025 under the 2020 Employee Share Purchase Plan.

Is this Form 4 for Waste Connections (WCN) filed for one or multiple reporting persons?

This Form 4 is indicated as being filed by one reporting person, namely Matthew Black.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Black Matthew Stephen

(Last) (First) (Middle)

3 WATERWAY SQUARE PLACE

SUITE 110

(Street)

THE WOODLANDS TX 77380

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Waste Connections, Inc. [ WCN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr VP Chief Tax Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	12/31/2025		J(1)		13	A	$166.59	38,257	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares were acquired under the Waste Connections, Inc. 2020 Employee Share Purchase Plan ("ESPP"), for the offering period of July 1, 2025 to December 31, 2025. In accordance with the ESPP, these shares were acquired at a price equal to 95% of the closing price of the shares on the New York Stock Exchange on December 31, 2025.

Remarks:

	Matthew Black	01/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.